Throttling a device?

How can I throttle the bandwidth for a device? I want to limit it to 2Mbps and 500Kbps (down and up respectively).

On pfsense I had to create a VLAN for the device. It throttles correctly, but I would like to switch to openWRT for my home router.

Thank you.

In this post Luci-app-nft-qos should be removed from Openwrt - #13 by Hudra you can find some info for setting this up.

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Thank you. I did a lot of reading on QoSmate, bufferbloat, rate limiting, nftables, traffic shaping, OpenNDS, CAKE, captive portals, filters, chains, rules, ICMP, qdisc = queuing disciplines, hooks, ICMP, ...

It's overwhelming. I believe I need to create a rule, but not exactly where to put it.